A Ukrainian fund is investing in a Danish defense startup, a reversal for a country far better known for taking in foreign capital than for sending it abroad. Resist.UA is backing BlueShadow, a maritime security firm run by a former US Navy submarine commander but largely engineered in Ukraine, to build defenses for coasts and undersea cables against drones and hybrid attacks.

BlueShadow is registered in Denmark, but almost its entire engineering team works in Ukraine, and it folds gear from more than 15 Ukrainian suppliers of drones, sensors, and communications into a single system.

Resist.UA, which signed a letter of intent to join the company's €2 million pre-seed round, runs a new €50 million fund, Resist 2.0, designed to bring Ukraine's battlefield-proven technology to global markets.

Ukraine engineers the Danish startup

The company was founded in 2025 and is led by Charles Maher, a former commander of a US Navy nuclear submarine, according to Defender Media.

This summer, it registered as a Ukrainian legal entity and builds on Ukrainian components, planning to fit its maritime platforms with M-Fly's RB-220 gimbal, a day-and-night targeting sensor used until now only on flying drones.

The two sides first met in January 2026 and formalized the partnership as BlueShadow raised its round and Resist.UA launched its second fund.

The systems guard the sea

BlueShadow is building two of them. BlueDragon, still in development, is designed to shield Ukraine's coastal cities, ports, and shipping lanes from drone strikes. BlueSentry, which the company plans to launch in October, is aimed at protecting ports, offshore wind farms, undersea cables, and maritime borders from hybrid attack, the kind of sabotage that has repeatedly damaged Baltic Sea infrastructure.

"This partnership will fuel the next phase of our mission to protect people, infrastructure, commerce, and natural resources at sea," the company said.

Ukraine's defense tech turns outward

Ukrainian defense technology, tested in real combat, has drawn growing investor interest, and Ukrainian figures are now building funds to channel it: the former Defense Minister, Mykhailo Fedorov, is raising what he calls the country's largest defense-tech venture fund.

The European Bank for Reconstruction and Development (EBRD) will enable Ukrainian banks to provide up to 900 million euros ($1.05 billion) in new loans by sharing credit risks, the EBRD announced in a press release on July 7.

The loans will target companies in agribusiness, manufacturing, pharmaceuticals, transport and logistics, as well as energy security projects.

The mechanism will be announced at the Ukraine Recovery Conference (URC) in Rome on July 10-11. This represents the largest risk-sharing facility implemented in Ukraine since the war began, according to the EBRD's press release.

Due to destructive Russian attacks on Ukrainian energy infrastructure, the EBRD will also focus on supporting distributed generation and renewable energy projects.

Russian forces have damaged most of Ukraine's thermal power plants and about 30% of power stations, disrupting nearly two-thirds of the country's total electricity generation, the bank says.

The EU, together with other EBRD donors, has developed plans to de-risk renewable energy investments to attract more private capital, which they will announce at the URC.

Nearly one-third of EBRD's wartime financing to Ukraine — 2.4 billion euros ($2.8 billion) — has gone to the energy sector. This includes support for state-owned electricity transmission and gas companies, as well as financing for hydropower and small-scale distributed generation.

In a pre-URC press release, the EBRD also expressed interest in supporting the development of a natural graphite deposit in Ukraine following the U.S.-Ukraine minerals agreement. Graphite is a strategic material used in batteries and defense applications.

The bank will launch the second phase of digitizing Ukraine's paper-based geological data archive to make information about mineral deposits more accessible, the EBRD reports.

Since Russia's full-scale invasion in 2022, the EBRD has invested over 7.2 billion euros ($8.4 billion) in Ukraine's economy.

Zelensky, Trump discussed replacement of Ukraine’s US ambassador, source says

Oksana Markarova has held the post since April 2021, and played a central role in coordinating U.S. military and financial support during the early phases of Russia’s full-scale invasion.

The Kyiv IndependentTim Zadorozhnyy

BlackRock, a U.S. investment firm, suspended work on a multibillion-dollar Ukraine recovery fund following U.S. President Donald Trump's election victory, prompting France to work on a replacement, Bloomberg reported on July 5.

The plan nearly secured the initial support of institutions backed by the governments of Germany, Italy, and Poland, people familiar with the matter told Bloomberg.

Kyiv has sought to secure investment in Ukraine's reconstruction as Russia's war continues to destroy infrastructure across the country.

BlackRock halted its search for institutional investors in January, causing the planned funding that sought to secure $500 million from governments, development grants, and investment banks, and another $2 billion from private investors, to fall through.

The investment firm halted talks with institutional investors in January due to a lack of interest amid perceived uncertainty in Ukraine.

The fund was set to be unveiled by BlackRock at the upcoming Ukraine Recovery Conference on July 10-11 in Rome, Bloomberg reported.

A spokesperson for BlackRock said the investment firm completed advisory work for the recovery fund pro bono in 2024 and no longer has "any active mandate."

France is working on a proposal to replace the recovery fund led by BlackRock, people familiar with the matter told Bloomberg, adding that it remains uncertain how effective the plan will be without Washington's backing.

President Volodymyr Zelensky and Italian Prime Minister Giorgia Meloni are expected to attend the Ukraine Recovery Conference next week.

Despite a partial rebound from a 30% economic slump in 2022, foreign investment in Ukraine remains underwhelming.

As US aid to Ukraine dries up, new platform connects Americans investors with Ukrainian startups

Ukraine’s startup ecosystem has tripled in five years, even during Russia’s full-scale invasion, to become the second most valuable in Central and Eastern Europe at $28 billion.

The Kyiv IndependentDominic Culverwell